Mars, a food giant known for brands like M&M’s and Snickers, is reportedly exploring a potential acquisition of Kellanova, the maker of Cheez-It and Pringles.
Reuters report that if the acquisition goes through, it would be one of the largest in the packaged food sector, given Kellanova’s market value of approximately $27 billion, including debt. It would also test the appetite of regulators to allow consolidation in the sector.
Since splitting from WK Kellogg Co last October, Kellanova’s shares have risen by about 20%. However, the stock is still trading at a discount compared to some of its competitors, such as Hershey and Mondelez International, making Kellanova a potential acquisition target, said Reuters.
There is no certainty that Mars will finalise a deal with Kellanova, and other companies could also express interest. The sources, who requested anonymity due to the confidentiality of the situation, noted that no agreement has been reached.
When reached by FoodBev, Kellanova’s spokeswoman, Kris Bahner, said: “By company policy, we don’t comment on market speculation”.
FoodBev has also reached out to Mars for a comment.
In March 2023, Kellogg announced that its global snack brand would change to be named Kellanova.
by Rafaela Sousa
Source: foodbev.com
Following completion, Utz will become a privately held company jointly owned by Intersnack and the Rice and Lissette family entities, with each holding a 50% stake. Utz’s shares will subsequently be delisted from the New York Stock Exchange.
The announcement follows Unilever’s confirmation in March that it had received an offer from McCormick. Later that month, the companies agreed a $44.8 billion transaction, which would create a combined business generating approximately $20 billion in annual revenue.
The partnership aims to improve regenerative practices across 40,000 US acres of soft red winter wheat. Farmers will receive technical assistance and financial incentives for practicing no-till and cover cropping. The partnership boosts each of the companies closer to stated 2030 regenerative and land-stewardship goals.
